26.09.2017
Zugemailt von / gefunden bei: Berenberg (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
● Supporting fundamentals: In relation to its investment portfolio of about c50,0oo units, BUWOG is the only German residential property company that also has a sizeable development pipeline of apartments, with an investment volume of c€3bn split into “developed for sale” (c6,450 units) and “developed for hold” (c3,700 units). With this the company is well positioned, in our view, as prices in Germany for newly built properties since 2000 have shown a 37% rise compared to existing properties at 24%, according to the Federal Bureau of Statistics. The rise in prices for construction land over the same period has been even stronger at 46%, while developments in the larger cities, including Berlin, have been even more pronounced. Regionally, BUWOG’s focus has so far been on Berlin, Vienna and Hamburg, so we welcome the company’s approach to strengthen its local market share rather than looking to expand into other Metropolitan areas.
● Low-risk profile to be maintained: Having adjusted our estimates and lowered our assumptions for cost of capital, we increase our price target to €29.70 from €26.50. While the company has not been overly successful in growing its letting portfolio since the spin-off and listing in 2014, we think the growth potential of BUWOG is attractive, coming mainly from the completion of the development pipeline. Arguably, build costs have been rising along with prices for construction land, so BUWOG’s to-be-built lettings in attractive locations offer some potential for higher prices and rents. Also, with the loan-to-value remaining at about 45% the financial profile still looks defensive. BUWOG’s current valuation levels look supportive, in our view, taking into account the predicted growth in recurring FFO as the company’s key earnings, including the proceeds from the sale of condominiums of c7% for this year and c20% for the year after.
7875
buwog_bekommt_hoheres_kursziel
Aktien auf dem Radar:FACC, Österreichische Post, Austriacard Holdings AG, Flughafen Wien, S Immo, Semperit, OMV, ATX Prime, ATX TR, Addiko Bank, Verbund, DO&CO, ATX, Cleen Energy, Gurktaler AG VZ, Kapsch TrafficCom, Lenzing, SW Umwelttechnik, RHI Magnesita, Oberbank AG Stamm, Agrana, Amag, CA Immo, Erste Group, EVN, Immofinanz, Telekom Austria, Uniqa, VIG, Wienerberger, Brenntag.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)185968
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AMAG Austria Metall AG
Die AMAG Austria Metall AG produziert Primäraluminium und Premium-Guss- und Walzprodukte.
Im integrierten Werk in Ranshofen, Österreich werden die Kernkompetenzen im Recycling, Gießen, Walzen, Wärmebehandeln und Oberflächenveredeln kombiniert.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
26.09.2017, 3882 Zeichen
26.09.2017
Zugemailt von / gefunden bei: Berenberg (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
● Supporting fundamentals: In relation to its investment portfolio of about c50,0oo units, BUWOG is the only German residential property company that also has a sizeable development pipeline of apartments, with an investment volume of c€3bn split into “developed for sale” (c6,450 units) and “developed for hold” (c3,700 units). With this the company is well positioned, in our view, as prices in Germany for newly built properties since 2000 have shown a 37% rise compared to existing properties at 24%, according to the Federal Bureau of Statistics. The rise in prices for construction land over the same period has been even stronger at 46%, while developments in the larger cities, including Berlin, have been even more pronounced. Regionally, BUWOG’s focus has so far been on Berlin, Vienna and Hamburg, so we welcome the company’s approach to strengthen its local market share rather than looking to expand into other Metropolitan areas.
● Low-risk profile to be maintained: Having adjusted our estimates and lowered our assumptions for cost of capital, we increase our price target to €29.70 from €26.50. While the company has not been overly successful in growing its letting portfolio since the spin-off and listing in 2014, we think the growth potential of BUWOG is attractive, coming mainly from the completion of the development pipeline. Arguably, build costs have been rising along with prices for construction land, so BUWOG’s to-be-built lettings in attractive locations offer some potential for higher prices and rents. Also, with the loan-to-value remaining at about 45% the financial profile still looks defensive. BUWOG’s current valuation levels look supportive, in our view, taking into account the predicted growth in recurring FFO as the company’s key earnings, including the proceeds from the sale of condominiums of c7% for this year and c20% for the year after.
7875
buwog_bekommt_hoheres_kursziel
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Buwog auf der Wohnen und Interieur Messe in Wien 2017
>> Öffnen auf photaq.com
Aktien auf dem Radar:FACC, Österreichische Post, Austriacard Holdings AG, Flughafen Wien, S Immo, Semperit, OMV, ATX Prime, ATX TR, Addiko Bank, Verbund, DO&CO, ATX, Cleen Energy, Gurktaler AG VZ, Kapsch TrafficCom, Lenzing, SW Umwelttechnik, RHI Magnesita, Oberbank AG Stamm, Agrana, Amag, CA Immo, Erste Group, EVN, Immofinanz, Telekom Austria, Uniqa, VIG, Wienerberger, Brenntag.
AMAG Austria Metall AG
Die AMAG Austria Metall AG produziert Primäraluminium und Premium-Guss- und Walzprodukte.
Im integrierten Werk in Ranshofen, Österreich werden die Kernkompetenzen im Recycling, Gießen, Walzen, Wärmebehandeln und Oberflächenveredeln kombiniert.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
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